Handy futures on the Singapore Exchange traded 207 points, or 1.20 percent, lower at 16,999, indicating Dalal Street was headed for a gap-down start on Tuesday. Selling pressure amid volatility, in the benchmark indices, persisted for the fourth consecutive session on February 21; however, it was the broader market that experienced the deep cuts as the Nifty Midcap 100 index fell 1.24 percent while the Smallcap 100 index fell 2.73 percent. The BSE Sensex fell 149 points to 57,684, while the Nifty50 dropped 70 points to 17,207, forming a sort of indecisive Doji pattern on the daily charts as the close was close to the opening levels.
Here are stock to follow in today’s trading:
The company has created a new role of Chief Growth Officer to seize new opportunities in the post-COVID world, integrating marketing, sales, after-sales and parts. Ranjivjit Singh was elevated to the new role of Chief Growth Officer.
The IT giant has grown its revenue from $18.5 billion to $25 billion in 2021, while its market cap has doubled to $200 billion as of September 2021 as of April 2018. TCS said the next $25 billion will be driven by customer growth and transformation projects, helped by the ongoing shift of the IT service provider to cloud-based offerings.
An appeals court has dismissed a Sebi injunction against HDFC Bank in a case involving the invocation of securities pledged by stockbroker BRH Wealth Kreators. In January 2021, Sebi had imposed a fine of Rs 1 crore on the private lender and ordered it to transfer Rs 158.68 crore along with 7 percent interest per annum into an escrow account until the issuance of the settlement of clients’ securities. was reconciled.
Announced it has made an oil discovery at its exploration well in the Barmer district of Rajasthan. In a regulatory filing, Vedanta said it has notified the Directorate General of Hydrocarbons and the Department of Petroleum of the oil discovery in a bloc awarded to it under the Open Acreage Licensing Policy (OALP). This is the third hydrocarbon discovery reported by the company in the OALP portfolio.
IPO-linked Life Insurance Corp. (LIC) has said it would like to keep a stake in IDBI Bank so that the insurer continues to reap the benefits of the bancassurance channel. IDBI Bank became a subsidiary of LIC with effect from 21 January 2019, following the acquisition of an additional 8,27,590,885 shares.
Tata group shares
The Supreme Court has agreed to hear in public court a review request filed by Cyrus Investments Ltd. against her overturning an appeals court order reinstating Cyrus Mistry as executive chairman of the Tata group. The petitions will be heard in open court on March 9.
Adani Group and Ballard Power Systems have teamed up to evaluate a joint investment in hydrogen fuel cell production in India. Under the MoU, both sides will explore various options for working together, including possible cooperation for fuel cell production in India, the Adani group said in a statement.
L&T Finance Holdings
BNP Paribas Arbitrage bought shares of L&T Finance Holdings worth nearly Rs 413 crore through an open market transaction on Monday. According to block deal data on BSE, more than 5.78 crore shares were bought at an average price of Rs 71.35 each.
Subsidiary Novelis Inc. will build a $50 million (approximately Rs 373 crore) recycling and casting center in South Korea to expand production of low-carbon aluminum. The Ulsan Recycling Center, fully funded by Novelis, will have an annual casting capacity of 100 kilotons of low carbon sheet blocks.
Sintex Industries lenders will approach the National Company Law Tribunal to request an extension of the deadline for the completion of the Corporate Insolvency Resolution Process and select a bidder for the debt-ridden textile manufacturer. The creditors’ committee discussed and approved the proposal to extend the CIRP term to more than 330 days in a meeting on Monday.
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